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MMLP-News
MMLP-Events
Martin Midstream Partners Appoints John Scott as VP of Land Transportation Following Murry's Retirement
Martin Midstream Partner announced the retirement of Johnnie Murry, Senior Vice President, Land Transportation, effective December 31. Concurrently, the company is announced the promotion of John Scott to the role of Vice President, Land Transportation, effective January 1, 2026. Scott, who most recently served as Vice President of Sales and Business Development, will succeed Mr. Murry.
Caspian says it 'moved on' from prior efforts to acquire Martin Midstream
Caspian Capital issued the following statement regarding Martin Midstream Partners: "We welcomed MMLP's December 26th announcement of the termination of its merger agreement with Martin Resource Management Corporation, and its recognition that unitholders are confident in the value that can be created for unitholders by MMLP continuing to operate as a public, standalone company. We continue to be strong believers in MMLP, and to stand by the potential valuation analyses that we laid out in detail in our prior letters, which are well in excess of the purchase price offered by Martin Resource Management Corporation in the proposed merger. We are gratified that common unitholders will be able to realize the benefit of near- and medium-term developments that we believe will drive value. As a result, we have moved on from our prior efforts to acquire the Company, have ended our work with Nut Tree Capital Management L.P., and have no current plans relating to the control of the Company. We remain focused on monitoring the Company's execution and capital allocation, and engaging with the Company on its efforts to maximize value creation for unitholders as a standalone company."
Martin Midstream Partners announces termination of merger agreement
Martin Midstream Partners L.P. announced the termination of the previously announced agreement and plan of merger, dated October 3, with Martin Resource Management Corporation, pursuant to which MRMC would have acquired all of the outstanding common units of MMLP not already owned by MRMC and its subsidiaries. The merger agreement was terminated by the mutual written consent of MRMC and MMLP pursuant to the terms of the merger agreement. MMLP will continue to operate as a standalone publicly traded company. MMLP also announced the cancellation of its special meeting of unitholders scheduled for December 30 and the withdrawal from consideration by MMLP unitholders of the proposals set forth in MMLP's definitive proxy statement filed with the Securities and Exchange Commission on November 27. Bob Bondurant, President and Chief Executive Officer of the General Partner said, "We appreciate the feedback we have received from unitholders during our extensive outreach and engagement over the last several weeks. We greatly value unitholders' perspectives and are pleased that unitholders have confidence in the future of MMLP as a standalone company. We will continue to focus on executing our long-term strategy, including strengthening the balance sheet through debt reduction and improving operating results, to create value for unitholders."
Martin Midstream says Glass Lewis recommends investors vote for MRMC deal
Martin Midstream Partners L.P. announced that independent proxy advisory firm Glass Lewis & Co. has joined Institutional Shareholder Services in recommending that unitholders vote "FOR" the pending transaction with Martin Resource Management Corporation in advance of the upcoming MMLP Special Meeting of unitholders, which is scheduled for December 30, 2024. In its report dated December 18, 2024, Glass Lewis stated: "...we believe the Conflicts Committee undertook a reasonably comprehensive review of all available and actionable strategic alternatives, successfully negotiating a meaningful increase in the merger consideration offered by Parent. In light of the findings from the financial advisors' valuation analyses of the Company, as well as our review of the Company's relative performance to its peers, we believe the merger consideration represents an attractive exit valuation and premium for the Company's unaffiliated unitholders." and "...we recognize that the only available and viable alternatives for the Company were to either negotiate a going-private transaction with Parent or to continue on a standalone basis." Commenting on the recommendation, MMLP issued the following statement: "We are pleased that Glass Lewis has joined leading independent proxy advisory firm Institutional Shareholder Services Inc. in supporting the unanimous recommendation of the Conflicts Committee and Board of Directors of MMLP's General Partner that unitholders vote "FOR" the pending transaction with MRMC. The Glass Lewis report further validates MMLP's position that the MRMC transaction maximizes value for and is in the best interests of unitholders, including unaffiliated unitholders, by delivering immediate, certain, premium value to unitholders. Glass Lewis' report notes the robust review process undertaken by the independent Conflicts Committee and the significant downside risks associated with continuing to operate as a standalone public company. Glass Lewis also highlights the inaccurate and misleading statements made by Nut Tree and Caspian, and the fact that they are not MMLP unitholders."
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